Australia Law

Have Australian law questions? Ask a lawyer now.

Ask a Lawyer,
Get an Answer ASAP!

I have a trust and own a house through it. The interest rate…

Customer Question
Hi there, I have...

Hi there, I have a trust and own a house through it. The interest rate is crazy high and I want to close the trust and have the house in my name only. Is this possible?

Lawyer's Assistant: Since estate law varies from place to place, can you tell me what state this is in?

Victoria

Lawyer's Assistant: Has anything been filed or reported?

Not sure what you mean. The house was purchased through the trust and I am the trustee for it. Thats pretty much it

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No not really. thanks

Submitted: 11 months ago.Category: Australia Law
Show More
Show Less
Ask Your Own Australia Law Question
Answered in 2 hours by:
9/12/2017
Solicitor: John Melis, Lawyer replied 11 months ago
John Melis
John Melis, Lawyer
Category: Australia Law
Satisfied Customers: 3,532
Experience: Principal Lawyer at Legal AU Pty Ltd
Verified
Dear customer, my name is***** solicitor, please allow me a few moments to review your question and I will respond accordingly.Kind regards *****
Ask Your Own Australia Law Question
Solicitor: John Melis, Lawyer replied 11 months ago
Dear customer, where property needs to be transferred out of a trust this will result in a capital gains tax event.There are numerous people that do face this difficult choice, as a result of insufficient accounting advice when the trust is being considered as an investment/protection vechile.If yoh would like to discuss this matter by telephone I welcome you to select telephone services.If you have any further questions please do not hesitate to contact me.Kind regards *****
Ask Your Own Australia Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a solicitorLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask John Melis Your Own Question
John Melis
John Melis
John Melis, Lawyer
Category: Australia Law
Satisfied Customers: 3,532
3,532 Satisfied Customers
Experience: Principal Lawyer at Legal AU Pty Ltd

John Melis is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Deborah Awyzio

Deborah Awyzio

Solicitor

863 satisfied customers

Bachelor of Laws (QUT), BIT (QUT), Family Law Accredited Specialist, over 12 years experience

Sean

Sean

Experienced lawyer

855 satisfied customers

Law degree with 1st class honours from Australian National University.

James G.

James G.

Lawyer

17 satisfied customers

Australian Legal Practitioner

Darren Kruse

Darren Kruse

Solicitor

16 satisfied customers

Practising in in Personal Injury, Workcover, Civil Disputes, Family, Wills and Estates and Criminal law.

Leon

Leon

Solicitor

27,790 satisfied customers

BEc Dip Ed, Dip Law (SAB) MTax (UNSW)

Daniel

Daniel

Solicitor

5,976 satisfied customers

Bachelor of Laws (dist) Graduate Diploma in Legal Practise. Admitted NSW Supreme Court / High Court

John Melis

John Melis

Lawyer

3,532 satisfied customers

Principal Lawyer at Legal AU Pty Ltd

< Previous | Next >

Related Australia Law Questions
My partner was made bankrupt and he has a huge debt to the
My partner was made bankrupt and he has a huge debt to the ato he has no assets only our family home which they only want half of .i cant get a loan to purchase his half as i only work part time can i… read more
John Melis
John Melis
Lawyer
Diploma In Law
3,532 satisfied customers
Am going through a property settlement my wife has filed for
Hi Pearl, am going through a property settlement my wife has filed for divorce. Own a property in a trustee company, that is also a trustee for a family trust(discretionary). The Trust has 4 beneficia… read more
Leon
Leon
Solicitor
Master's Degree
27,790 satisfied customers
I am currently the sole directory of a Pty Ltd trading
I am currently the sole directory of a Pty Ltd trading company. I am looking to buy a property fore the purpose of developing and selling (building units and selling all of them). I need to finance the purchase personally (not through the company) but I want all income and expenses relating to the property development to flow through to the trading company … read more
Leon
Leon
Solicitor
Master's Degree
27,790 satisfied customers
Can a power of attorney be removed if they have stolen money
Can a power of attorney be removed if they have stolen money from the person they are acting for.. thank you… read more
Havenlawyer
Havenlawyer
2,531 satisfied customers
I have a friend dying of cancer. She has two children, one
I have a friend dying of cancer. She has two children, one is only 10 and the other is about 14. She is worried what will happen to them when she dies, should her husband re partner. A friend of hers … read more
Havenlawyer
Havenlawyer
2,531 satisfied customers
hello i was wanting to ask a question about a will that on
hello i was wanting to ask a question about a will, that on a deed, half can be left to a daughter without putting it into her name now... maybe something that leaves half of my house to my daughter l… read more
Leon
Leon
Solicitor
Master's Degree
27,790 satisfied customers
Im wondering if as an executor I am allowed to sell a house
I'm wondering if as an executor I am allowed to sell a house held in a trust and disburse the proceeds to the 4 residuary beneficiaries directly (instead of holding it in a lifetime trust for the son … read more
Havenlawyer
Havenlawyer
2,531 satisfied customers
Facts: Location: Melbourne, Victoria A simple 2 page contract
Facts: Location: Melbourne, Victoria A simple 2 page contract between 2 accountants for the sale of client fees. A list detailing the clients to be sold, was prepared and agreed upon. On the day the a… read more
Leon
Leon
Solicitor
Master's Degree
27,790 satisfied customers
Continue with the question with more information: We are three
Continue with the question with more information: We are three brothers the eldest and myself, the youngest, living in Australia. The middle one lives in NZ. These are the facts; -A discretionary Trus… read more
Leon
Leon
Solicitor
Master's Degree
27,790 satisfied customers
My son has separated from his wife. Their accountant had set
My son has separated from his wife. Their accountant had set up 2 trusts for them: 1 for business and 1 for property. They are both beneficiaries in each trust. The wife (ex) has agreed to remove hers… read more
Leon
Leon
Solicitor
Master's Degree
27,790 satisfied customers
Good Morning I live in rural Victoria on a property own by
Good Morning I live in rural Victoria on a property own by a Family Trust. This trust is a Discretionary Trust of which I am the sole beneficiary. The property is the only asset the trust holds. I wis… read more
Leon
Leon
Solicitor
Master's Degree
27,790 satisfied customers
Could you please tell me how to remove someone from a Family
Could you please tell me how to remove someone from a Family Trust. We have a family member who enticed our elderly parents to form a family trust on the house and then they borrowed $130,000 against … read more
Havenlawyer
Havenlawyer
2,531 satisfied customers
hi, we are setting up a family trust - one of the units will
hi, we are setting up a family trust - one of the units will require a motor vehicle to be purchased through a loan. Is there any advantage in obtaining the loan in the trust's name (presumably along … read more
Leon
Leon
Solicitor
Master's Degree
27,790 satisfied customers
Q1 - Is it possible for a person executor of a family trust
Q1 - Is it possible for a person executor of a family trust be transferred to a company as executor? Q2 - If shares in a business is in a family trust is it ok to purchase land to lease to the busines… read more
Alex
Alex
Lawyer & Solicitor
Master
11,225 satisfied customers
Rather than update his will when I married in 1977, my late
Rather than update his will when I married in 1977, my late father created a discretionary family trust and a trustee company a few weeks after my marriage. My father and stepmother each held a $1 sha… read more
D. Coleman
D. Coleman
Solicitor
Bachelor\u0027s Degree
795 satisfied customers
I need someone to answer that is an Expert with the Victorian
I need someone to answer that is an Expert with the Victorian Land Tax regulations regarding nomination beneficiaries for trusts . I have a Land Tax penalty problem. I was told that in order to avoid … read more
Leon
Leon
Solicitor
Master's Degree
27,790 satisfied customers
as a trustee for our family trust can creditors go me for my
as a trustee for our family trust can creditors go me for my house if its in the family trust name in simple terms can they make me sell house or get my house… read more
Leon
Leon
Solicitor
Master's Degree
27,790 satisfied customers
A trust changes is trustee from a company to an individual
A trust changes is trustee from a company to an individual - who is the director of the company. At the time the trust had unpaid PAYG deductions - that is a tax debt under schedule 1 of the TAA 1953.… read more
Kenneth Hunt
Kenneth Hunt
Principal Solicitor and Migration Agent
Master's Degree
4 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x